Rising Awareness about Renewable Energy to Drive the Green Data Center Market, Valuation to Reach US$ 266.6 Bn by 2032
NEW YORK CITY, NEW YORK, UNITED STATES, April 21, 2022 /EINPresswire.com/ -- As per a recent study by Persistence Market Research, the green data center market is expected to advance at a CAGR of 14.3%, from US$ 69.8 Bn in 2022 to US$ 266.6 Bn by 2032.
The green data center market is gaining pace in several areas, and various enterprises have expressed interest in installing green data center solutions. In the current environment, corporations have begun to implement green efforts for their daily IT operations in order to save money, with green data centers being one of the most prominent initiatives.
Green data center market growth is predicted to increase as a result of advantages such as long-term savings and ROI. As electricity usage, invoices, and CO2 emissions from data centers rise, so will the demand for green data centers. Power from renewable energy sources, cooling facilities, energy-efficient equipment, and management systems are all common components of green data center solutions.
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The cost of constructing an energy-efficient green data center is higher than the cost of constructing a typical data center. Despite the fact that green data centers have a lower Total Cost of Ownership (TCO) and will save money in the long run, higher capital investment is seen as a major restraint in the green data center market.
As per the study by Persistence Market Research, if the price of power continues to rise at the same rate, the initial return on investment can be realized sooner than projected in the center market growth.
The demand for efficient data storage and management is growing in response to the fast-increasing data traffic.
Green data centers provide environmentally friendly and cost-effective data storage while consuming less energy. As a result, the demand for green data centers is likely develop due to the favorable prognosis for data center storage requirements and the growing need to minimize total operational expenditure.
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Various governments are actively working to construct sustainable, ecologically responsible, energy-efficient, and cost-effective data centers. As a result, strict environmental regulations requiring energy conservation will increase demand for green data centers and the liquid cooling market.
Green data centers have found new uses in the fields of education and robotics.
The need for green data centers and center liquid cooling is likely to rise as a result of COVID-19. This is attributable to factors such as the increased usage of cloud data center services, the growing reliance on data center automation, the rise of hardware reuse as the main challenge, increased data center hardware remarketing, and environmental consciousness as a result of COVID-19, which is expected to positively impact the green data center market adoption trends.
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Due to increased internet and smartphone adoption, Asia Pacific is predicted to grow at the fastest rate.
In future years, increased use of large data centers by large organizations is likely to enhance the worldwide green data center market. The massive cost of implementation and a lack of understanding of the benefits of green data centers would stifle uptake.
The US green data center market size is expected to be US$ 94.4 Bn by 2032.
The China market is forecasted to reach US$ 19.3 Bn by the end of the study period.
During the projected period, the media and entertainment vertical are expected to increase at the fastest rate.
The highly competitive market for green data centers includes a variety of small and large market participants working on both a domestic and international scale. To improve their position in the global economy, key vendors are employing a variety of business tactics.
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The global green data center market study has reported that market participants have used important strategies such as new product launches, product upgrades, and new product approvals. Vendors benefit from strategic alliances and cooperation as they expand their product and business portfolios. Other important techniques companies have used to extend their regional footprint and company include mergers and acquisitions.
NTT Communications, IBM Corporation, Cisco Systems, Inc., NEC Corporation, HP Development Company, Equinix, Inc., Schneider Electric SE, Huawei Technologies Co. Ltd., Dell Corporation, ABB Ltd., China Telecom, Digital Realty Trust are among the major players in the global green data center market.
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